ASIC's executive director for markets expressed that the securities watchdog will not be "cheerleaders for crypto assets" and will be turning up the heat for the entire industry.
If proof-of-work distributes objective consensus to miners outside of the network, proof-of-stake consolidates power to a subjective, in-network minority.
The Merge was completed on September 15, and ETH reached a recent high of $1,638.56 that day. Since then, it has tanked to $1,340 at the time of writing.
"The Merge" not only pumped the price of ETH tokens, as opposed to what was promised, but its switch to a PoS model created a slew of issues, including turning the network into a permissioned ledger.
Ethereum is both a security and tyranny, as staking coins via a third party remains, and the wealthiest holders combining forces to ensure total domination of the system, the article argues.
Gary Gensler likened Ethereum's 'The Merge' to lenders, indicating that it is more of a security than a commodity, a stark contrast to BSV, which managed to retain the original Bitcoin protocol.
The event was billed as the largest and most complicated open-source software transition in history, but the live network faces an uncertain future after it switched over to a new processing algorithm and economic incentive model today.
The ‘Merge,’ aka Ethereum’s shift from a PoW to a PoS consensus mechanism, is set to take place this week, and the ‘crypto’ world is watching to see if this will boost ETH or spectacularly flame out.
Ethereum's scalability efforts hang in the balance as the countdown begins for 'The Merge,' while observers worry that the network upgrade will face hurdles on censorship and centralization.
'The Merge' is creating hype as it vows a brighter future for the blockchain industry, but experts remain on edge, projecting that the move won't likely make Ethereum as scalable as it intends to be.